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Bank Maharashtra Personal Loan Closure

Bank of Maharashtra Foreclosure Charges

Last Updated 11th Nov 2021

  • Bank of Maharashtra Personal loan pre-closure refers to a situation where the borrower pays back the loan before the end of a personal loan agreement either fully or partially.
  • Partial payment of Bank of Maharashtra Personal loan is called Part payment, whereas closing the loan completely is called foreclosure.
  • You can foreclose your personal loan by contacting the Bank of Maharashtra branch where you availed the loan.
  • Ensure collecting NOC and loan statements of your last paid EMIs once you prepay or part pay your personal loan.
Part Payment Fee Allowed After 1 Month at
Foreclosure Fee Allowed After 1 Month at Nil prepayment charges
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Bank of Maharashtra Personal Loan Pre-Closure

You can avail foreclosure of Bank of Maharashtra personal loan if you pay back the personal loan completely before the end of the loan agreement. In case of foreclosing the loan, you will have to pay the current month's EMI, any outstanding dues if there are and the foreclosure fees.Bank of Maharashtra allows part payment of personal loan after 1 Month at Nil prepayment charges

Steps of Bank of Maharashtra personal loan preclosure are as follow:

  • Visit the Bank of Maharashtra branch and carry all the necessary documents like identity proof, last EMI payment, and loan account number to the Bank of Maharashtra.
  • Pay the outstanding loan amount as well as the Bank of Maharashtra foreclosure charges.
  • Once all the documents are checked and the amount made, the bank will check to provide the acknowledgement. The acknowledgement will clarify that you have paid the loan amount and there are no further outstanding dues left.

Bank of Maharashtra Personal Loan Part-Payment

Apart from foreclosing Bank of Maharashtra Personal Loan, you may also prepay your personal loan partially. This is called personal loan part payment. Bank of Maharashtra allows part payment after 1 Month at

Fees and Charges of Bank of Maharashtra Personal Loan Closure

Fees and charges associated with preclosure of Bank of Maharashtra Personal Loan are listed as follows:

  • Part payment is Allowed at after 1 Month
  • Foreclosure is Allowed at Nil prepayment charges after 1 Month

Bank of Maharashtra Personal Loan Regular Closure

You can pay back your HDFC Bank Personal loan via regular closure, which involves repaying the last EMI of the loan as per the pre-decided personal loan part payment schedule. The steps for closing Bank of Maharashtra Personal loan are as follow:

  • Pay the last instalment of the Bank of Maharashtra loan and contact the bank for closing the loan.
  • Provide all the relevant documents like identity proof, last EMI payment, and loan account number to the Bank of Maharashtra branch where you opted for the loan.
  • On checking all the documents and their authenticity, the bank will provide the NOC or No Objection Certificate. No objection certificate is proof that you have paid all the EMIs and there is no outstanding due.

However, in order to make the loan less expensive, you may opt for a Bank of Maharashtra Personal loan part payment. To reduce the interest burden, you can opt for Bank of Maharashtra foreclosure or part payment of the loan.

Required Documents for Bank of Maharashtra Personal Loan Closure

The documents required for Personal loan foreclosure from Bank of Maharashtra are:

  • Loan statements
  • Identity and address proofs such as Aadhar, Voter ID, Passport
  • Cheque or demand draft

After the loan has been closed, it is important that you collect the acknowledgement slip, NOC certificates and payment receipts from Bank of Maharashtra.

Check Prepayment Charges of Other Banks

FAQs

What is the Bank of Maharashtra pre-closure fee for a personal loan?

Pre-closure fee or foreclosure charges is a penalty levied when you prepay the personal loan before the end of the tenure. Bank of Maharashtra allows part payment of personal loan after 1 Month at .

Can we close personal loans online for Bank of Maharashtra?

No, you cannot close the personal loans online for Bank of Maharashtra. Individuals are required to visit the Bank of Maharashtra Branch to close the personal loan. Below are the steps to close the Bank of Maharashtra personal loan:

  • Visit the nearest Bank of Maharashtra branch.
  • Carry necessary documents like identity proof, address proof and bank statements mentioning the final clearance of the last EMI.
  • Once all the documents are successfully checked, the Bank of Maharashtra will give the acknowledgement letter and NOC.

Does foreclosure of Bank of Maharashtra personal loan affect CIBIL?

Foreclosure of Bank of Maharashtra personal loan may not directly affect your CIBIL score. However, your chances of creating a good credit history, which will result in an improved score, will be affected.

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Bank Maharashtra Personal Loan News - Dec 2021
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    Bank of Maharashtra posted a 102.71 percent Y-o-Y rise in its net profit to Rs 264 crore for the September quarter (Q2). The net interest margin improved to 3.27 percent on a Y-o-Y basis against 2.3% in the comparable quarter last year. Net interest income increased by 33.84 percent to Rs 1,500 crore, compared with Rs 1,120 crore during Q2FY21.
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    Bank of Maharashtra has emerged as a top performer among public sector lenders in terms of loans and deposits. The bank has recorded 14.46 percent increase in gross advances at Rs 1,10,592 lakh crore in April-June period of 2021-22.
  • 2021-03-26 : Bank of Maharashtra opened 6 more branches
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    Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
  • 2020-10-20 : Bank of Maharashtra reported Q2FY21 PAT of Rs. 130.44 crores
    Bank of Maharashtra reported total income of Rs.3319.34 crores backed by retail loans like home, personal, gold, two-wheeler, car loans along with mudra and business loan during the period ended September 30, 2020. Further, the bank posted a net profit of Rs.130.44 crores for the period ended September.
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